印度汽车：5月销量估计
May-24305,48249,841355,323498,123359,59010,324369,91471,0106,901157,18417,367174,55149,15114,40063,55171,68237,109108,79128,47646,69775,1731,59376,7669,2435,43914,682 YoY (%)Apr-253317,937047,8733365,8104305,40615430,3302613,56615443,8962386,5595(5)151,8806127,9112179,791(6)44,374416,400(4)60,7741684,170940,05413124,224(3)25,764(6)45,199(5)70,96310(5)72,753(7)8(1)13,421 MoMgrowth (%)(1)4(0)70(4)(4)(4)16,8466(1)0(1)4(9)0(2)1(1)7(3)01,790(2)07,96085,46188 Nitij Mangal * | Equity Analyst91 22 4224 6124 | nmangal@jefferies.comSagar Sahu, CFA * | Equity Analyst+91 22 4224 6119 | ssahu@jefferies.comKevin Verghese * | Equity Associate+91 22 4224 6303 | kverghese@jefferies.comRecent reports:Rare Earths: A Primer and China RiskHYUNDAI: Downgrade to Underperform2W Earning Cuts; Downgrade BJAUT &HMCL; Retain Buy on TVSL & EIMRedrawing the Market Map Company Valuation/RisksFor Important Disclosure information on companies recommended in this report, please visit our website at https://javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300.Analyst Certification:I, Nitij Mangal, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Sagar Sahu, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Kevin Verghese, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.Registration of non-US analysts:Nitij Mangal is employed by Jefferies India Private Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.Registration of non-US analysts:Sagar Sahu, CFA is employed by Jefferies India Private Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.Registration of non-US analysts:Kevin Verghese is employed by Jefferies India Private Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports arepublished at irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedCompany Specific DisclosuresA member of the Research Analyst's team owns a long,equity position in Hero MotoCorp LtdA member of the Research Analyst's team owns a long,equity position in Hero MotoCorp LtdFor Important Disclosure information on companies recommended in this report, please visit our website at https://javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300.Explanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yi
